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USDCHF and USDJPY: USDCHF slows this week’s gains

by August 9, 2024
written by August 9, 2024

USDCHF and USDJPY: USDCHF slows this week’s gains on Friday

During this morning’s Asian trading session, USDCHF moved in the 0.86500-0.86700 range. 
USDJPY managed to stabilize and recover from the decline from the beginning of the week. 

USDCHF chart analysis

During this morning’s Asian trading session, USDCHF moved in the 0.86500-0.86700 range. As we approach the US session, the pair starts to pull back and put pressure on the support line of the current range. If we see an impulse below, it will reinforce the bearish picture and pressure the USDCHF to continue on the bearish side. Potential lower targets are the 0.86200 and 0.86000 levels.

The pair could find additional support at the EMA 50 moving average at 0.86300. In the continuation of the pullback, we do not rule out testing the weekly open price of 0.85800. For a bullish option, we need a bullish USDCHF impulse above the 0.86800 level. With that step, we are going to a new weekly high, and the chances of a continuation on the bullish side are increasing. Potential higher targets are 0.87000 and 0.87200 levels.

 

USDJPY chart analysis

USDJPY managed to stabilize and recover from the decline from the beginning of the week. Yesterday, we returned above the weekly open price for the second time. During this morning’s Asian trading session, the movement of USDJPY took place in the 146.80-147.80 range. In the EU session, there have been no changes in the movement, and it has continued with lateral consolidation. We have support from the EMA 50 moving average and hope for its help to move to the bullish side.

Potential higher targets are 148.00 and 149.00 levels. Additional resistance to our progress to the bullish side could be the EMA 200 moving average. For a bearish option, we need a negative consolidation and a drop to the 146.00 level. With those steps, we go below the EMA 50 moving average and the weekly open price. By returning to the negative side, the bearish momentum for further decline is growing. Potential lower targets are 145.00 and 144.00 levels.

 

The post USDCHF and USDJPY: USDCHF slows this week’s gains appeared first on FinanceBrokerage.

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